9911796707
TMI Blog1994 (8) TMI 74X X X X Extracts X X X X X X X X Extracts X X X X ..... 'deposits'. The Hon'ble Tribunal has omitted to consider this fact while arriving at the meaning of the words 'loans' and 'deposit'." "3. The appellant had submitted before the Tribunal that in terms of decision of the Supreme Court in the case of Hindustan Steel Ltd. vs. State of Orissa (1972) 83 ITR 26 (SC) as also noted in Muthoot M. George Bankers vs. Asstt. CIT (1993) 47 TTJ (Coch) 434 : (1993) 46 ITD 10 (Coch), no penalty was leviable in so far as there was neither any contumacious intention nor any fraudulent conduct on the part of the appellant company and further that no material to that effect was ever brought on record by the authorities below while imposing the penalty to show that the breach was either venial or technical. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tnership firm is located atDelhiand the appellant company is located at Rohtak. All bank transactions have perforce, to be routed through inter-state clearing house of banks. Viewed in the light there was certainly an appreciable difficulty in lining up cash resources which the Tribunal through a misappreciation of this basic fact, has omitted to appreciate". 2. The counsel made elaborate submissions explaining the various aspects raised in the miscellaneous application and submitted that in view of the non-consideration of vital facts and submissions, the conclusion arrived at by the Tribunal was based on partial material and in all fitness the order may be recalled so that each and every aspect of the matter could be considered in prope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t is suspended, the only effect of such suspension is that judgment cannot be executed or implemented. But, so long as the Full Bench judgment stands, the dicta laid down therein are binding on all Courts including single judges and Division Benches of that High Court. The dicta laid down therein cannot be ignored unless the Court after hearing a particular case doubts the correctness of the dicta and thinks it appropriate that it should be reconsidered." In para 13, it was observed that since the Andhra Pradesh High Court had held that the dicta laid down would still be binding in all the Courts within its jurisdiction, respectfully following the said decision, it was held that despite a stay granted by the Supreme Court in the decision ..... X X X X Extracts X X X X X X X X Extracts X X X X
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